Egyptian businessman Naguib Sawiris decided to raise the paid-up capital of Promo Media to EGP 500m to strengthen the financial position of the company.
Sawiris also announced in a Monday press release that he took the position of chair of the company’s Board of Directors. Ehab Talaat was also appointed as a managing director.
Sawiris said that selling ONTV removed the conflict of interest between owning a TV channel and having the advertising rights for other channels. “This open the way for further cooperation with other channels,” he said.
Sawiris recently sold his entire stakes in ONTV to the business tycoon Ahmed Abu Hashima, saying the channel’s administration failed to shift into profitability. Sawiris justified the sale by saying that a new channel cannot profit in the Egyptian market, as it was necessary to add channels offering other types of content, such as dramas, movies, entertainment, and lifestyle that can attract advertisement revenues.
According to the statement, Sawiris intends to focus his investment plans during the coming period in advertising rights and entertainment production through Promo Media, the commercial production arm of his media group.